Prepare
to pass
A guide to help
you if you are
studying
Audit and
Assurance
F8
GETTING
STARTED
Prepare to pass
LEARNING
PHASE
✓✓ Signposted resources and how to use them
Getting started
Stages of
study
✓✓ Structured approach to show you how to succeed
Sections
03
Learning phase
12
Revision phase
20
Final preparation
24
FINAL
PREPARATION
Why use this guide?
REVISION
PHASE
Welcome to your guide helping
you to study for your F8 exam
✓✓ Tips for success to help you through your studies
The exam
26
Appendix – Links28
This guide applies to CBE and paper-based exams for
September and December 2017 and March and June 2018.
THE EXAM
✓✓ Interactive clickable checklists to keep you on track
APPENDIX
– LINKS
02
GETTING
STARTED
Decide whether you will sit your
exam on computer or on paper
LEARNING
PHASE
Your checklist
Enter for your exam
Get to know your exam
REVISION
PHASE
Draw up your study plan
FINAL
PREPARATION
THE EXAM
03
APPENDIX
– LINKS
Getting started
GETTING
STARTED
Getting started – Tips for success
- the most up to date content and syllabus
coverage.
- tests, quizzes and other support designed
to help you prepare for your exam.
✓✓ If you think you could benefit from
building your English language
skills to help you succeed in
your exam take a look at the
BPP English Language support
for ACCA which is a free online
programme specifically designed
to support you through your
exams.
✓✓ Use the ACCA Learning
Community to link up with
fellow students around the world
studying the same exam as you
– get tips, join discussions and
share ideas and advice. You can
also access live Q&A sessions
and presentations.
✓✓ Spend some time familiarising
yourself with the free resources
available via the exam resource
finder on the student section
of the ACCA website – we will
provide you with specific guidance
on when and how to use these
resources during the relevant
stages of study.
Exempt from F3?
✓✓ You will need an understanding of
the content and application of the
accounting standards covered in
F3 to answer F8 exam questions –
if you feel your knowledge might
be lacking consider buying an F3
Approved Content Provider study
text to refresh your knowledge.
APPENDIX
– LINKS
04
✓✓ Computer based exams (CBEs)
are being introduced across all of
our markets and over time paper
based exams are being withdrawn.
See over the page for guidance
on what this means for you.
THE EXAM
Students who use approved
content materials are more
likely to pass than those
who don’t.
✓✓ Remember to personalise your
edition of Student Accountant
so you receive F8 specific
information as you need it.
FINAL
PREPARATION
You may want to consider attending a face to
face or online tuition course with one of ACCA‘s
Approved Learning Providers for all or part of
your studies.
✓✓ The earlier you enter for your
exam the less it costs! Use our
exam planner tool to plan which
exam(s) you want to sit and when.
REVISION
PHASE
- past exam questions updated for changes to
the syllabus, question style and exam format as
well as practice questions and answers and full
mock exams to ensure you are fully prepared
for your exam.
Tips for success
LEARNING
PHASE
We strongly recommend that you buy an F8
Approved Content Provider study text and
question and answer bank to ensure exam
success. These provide:
GETTING
STARTED
Getting started – CBE or paper?
✓✓ A more comfortable exam experience –
no more sore hands!
✓✓ Its quicker and easier to edit answers
✓✓ Your answers are always clear and easy
to read
FINAL
PREPARATION
We have an area on our website dedicated to
our session CBEs and you may want to take
a look here first: Session CBEs
✓✓ Session CBEs build workplace skills
I felt more in control,
as I could always keep
track of my exam
progress. It was all just
a click away within the
exam environment.
REVISION
PHASE
First of all you need to see what is available
for you – CBEs are being phased in across
different countries and cities and paper based
exams are being phased out. We want all
of our students to move to CBE as soon as
possible but we realise there are a number of
factors which may affect your decision where
you have a choice. In this section we will help
you make the right decision for you.
Some of the benefits of
CBEs… and there are
many more!
LEARNING
PHASE
The world is changing and ACCA is too! We
are in the process of moving the F5-F9 exams
from paper to CBE which means you may be
able to choose whether you sit your exam on
computer or on paper.
✓✓ Navigation tools help you manage your
time more effectively
THE EXAM
It is a better and more
convenient way of
taking exams.
APPENDIX
– LINKS
05
GETTING
STARTED
Getting started – CBE or paper?
Only paper-based exams
available for you
You need to make a choice
– CBE or paper?
Session CBEs for F5-F9 are becoming available
in an ever increasing number of locations – so, as
a first step you need to find out whether session
CBEs are available to you by accessing the
dedicated page on our website.
Move onto the next section Getting
started – Draw up your study plan
Take a look at the benefits
highlighted on the previous
page as well as the quotes from
students who have already taken
our CBEs. Remember you do not
have to be computer expert or
a fast typist to take these exams
and session CBEs assess the same
learning outcomes to the same
standard as paper based exams
Only CBEs available
for you
06
APPENDIX
– LINKS
Move onto the next section Getting
started – Draw up your study plan
If you are unsure about taking
a CBE then take a look at all of
the fantastic resources we have
produced especially for students
taking these exams. All of these
resources will ensure that you are
completely prepared for success
in your CBE
THE EXAM
That‘s great! Now you don’t need
to worry about making a decision!
FINAL
PREPARATION
ACCA knows that employers
want their students to be work
ready – and our CBEs give you an
opportunity to become just that!
So ideally this should be your
default position!
REVISION
PHASE
I wanted to have an exam
experience that was more
realistic to the work of a
professional accountant.
Don‘t worry! Session CBEs will come
to a centre near you soon so check
again when you come to your next
exam sitting – we are introducing
more and more locations for these
exams all the time
LEARNING
PHASE
Making the right decision for you
GETTING
STARTED
Getting started – Draw up your study plan
Wednesday
Thursday
Friday
Saturday
Sunday
Week 1
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 2
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 3
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 4
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 5
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 6
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 7
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 8
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 9
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Week 10
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
REVISION
Week 12
REVISION
Week 13
REVISION
Week 14
REVISION
Week 15
REVISION
Week 16
REVSION AND FINAL PREPARATION
07
Daytime study period
Other commitments
Plan study periods – evenings/
half days/full days, aiming for
roughly one evening/half day
per chapter of your study text
If possible leave a six week
period for the revision and final
preparation phases
APPENDIX
– LINKS
Evening study period
Block out days/half days/
evenings already committed
to family/social events
THE EXAM
Week 11
You may need to add or take away
weeks depending on your own
circumstances and which exam
sitting(s) you are focusing on
FINAL
PREPARATION
Tuesday
REVISION
PHASE
Monday
Calculate the number of weeks
from now until your exam
date and draw up a plan – see
the example to the left and a
possible proforma for you to
use on page 9
LEARNING
PHASE
Study plan checklist
GETTING
STARTED
Getting started – Draw up your study plan
LEARNING
PHASE
Tips for success
When drawing up your study plan
✓✓ Once you have prepared your plan stick to it!
✓✓ Consider building in an extra study period after every
few chapters to review and consolidate your learning.
✓✓ Use this plan whether you intend to self-study through
all the phases or mix with some tuition from an
Approved Learning Provider.
FINAL
PREPARATION
✓✓ Take a 5-10 minute break every hour to help maintain
your motivation and concentration.
Students who use ACCA’s
learning support resources
achieve higher pass rates
than those who don’t.
REVISION
PHASE
✓✓ Be realistic and consider when you are best able to study
– maybe early mornings work better for you or perhaps
shorter, more frequent study periods.
THE EXAM
APPENDIX
– LINKS
08
Monday
Tuesday
Print out and write down when you will study, relax and revise!
Wednesday
Thursday
Friday
Saturday
GETTING
STARTED
Getting started – Your study plan
Sunday
Week 1
LEARNING
PHASE
Week 2
Week 3
Week 4
REVISION
PHASE
Week 5
Week 6
Week 7
FINAL
PREPARATION
Week 8
Week 9
Week 10
Week 12
REVISION
Week 13
REVISION
Week 14
REVISION
Week 15
REVISION
Week 16
REVISION AND FINAL PREPARATION
09
Evening study period
Daytime study period
Other commitments
Colour boxes in your preferred highlighter colours.
APPENDIX
– LINKS
REVISION
THE EXAM
Week 11
Scan the F8 specimen exam
specimen exam provides you with a clear picture of how F8 will be assessed
➤ The
and how the exam is structured as well as the likely style and range of questions
examinable for the current exam sittings
that you could see in the real exam. Make sure you look at the specimen exam
that is relevant to you – either CBE or paper based
Review the examining team‘s
guidance
and tips as well as pitfalls to avoid – see an extract from the examiner’s approach
article over the page
provide feedback on students’ performance after each exam session, highlight
➤ These
problem areas that students need to improve on and tell you what the examining
teams are looking for; these are critical to your success in passing F8 and can
be used in conjunction with F8 – A guide to using the examiner‘s reports, which
will really help you understand challenges students face and how to overcome
those challenges
articles – Multiple-choice questions, Audit and assurance assistance and Ready
➤ The
to sit F8? – will provide you with a head start in terms of knowing what to expect
If you are taking a CBE
take a quick look at the
new resources just for you
resources are being introduced all the time for students taking session based
➤ New
CBEs so take a moment to familiarise yourself with what is available on our website
and how to approach exam standard questions
APPENDIX
– LINKS
Read the exam technique
articles for F8
THE EXAM
10
these resources at the start of your studies will help you understand the focus
➤ Using
of the exam by concentrating on the exam structure, question style, exam technique
FINAL
PREPARATION
Review the examiner‘s reports
from the last four sittings
REVISION
PHASE
give you an understanding of the aims and objectives of the exam, learning
➤ These
outcomes and exam structure as well as a comprehensive list of the documents
LEARNING
PHASE
Review the syllabus and study
guide and the examinable
documents for F8
GETTING
STARTED
Getting started – Get to know your exam
Comments on
the aim of F8:
This syllabus builds on the knowledge gained in
F3, Financial Accounting and then prepares
candidates for P1, Governance, Risk and Ethics,
and P7, Advanced Audit and Assurance.
It is crucial that candidates practise the skills required
for application questions by working through past
questions to time and reviewing the solutions to
identify areas for improvement. A specimen exam is
available (see ‘Related links‘) and ACCA‘s Approved
Learning Partners – content providers‘ revision
question banks contain a large number of questions
taken from past exams which have been adapted
to the question styles currently used in the exam,
as well as being technically updated. Rote learning
of technical material alone will not result in exam
success; however, practising questions, reading
examiner reports and relevant technical articles
on the ACCA website will improve the chances
of passing the exam.
APPENDIX
– LINKS
11
That aside, this exam is like any other, and the basic
principles must be understood. Therefore, application
questions will continue to feature heavily in the exam
as they demonstrate whether candidates have
understood a topic or just rote learnt it.
THE EXAM
The accounting standards examined in F3 form
the basis of questions on how to apply auditing
procedures in respect of those standards, and
candidates must not be afraid to bring their
accounting knowledge into this exam.
The exam will continue to contain questions set in as
practical an application as possible. I recognise that it
has become more common that candidates have not
been involved in, or had exposure to, a real audit.
FINAL
PREPARATION
The exam strikes a balance of technical knowledge
as well as a practical application of this knowledge.
Comments on
practical application:
REVISION
PHASE
The aim of F8, Audit and Assurance is to develop
knowledge and understanding of the process
of carrying out the assurance engagement and
its application in the context of the professional
regulatory framework. The exam continues to be
practical in application, as well as aiming to ensure
that candidates who pass this exam understand the
basics of an audit.
§
LEARNING
PHASE
§
GETTING
STARTED
Getting started – What the examiner has said about F8
(extracts from the examiner’s approach article)
GETTING
STARTED
-gain the knowledge you
need; and
FINAL
PREPARATION
-learn how to apply that
knowledge to pass the exam
REVISION
PHASE
Work through the control
sheet which has been
designed to give you a
structured approach to your
learning phase to ensure you:
LEARNING
PHASE
Your checklist
THE EXAM
12
APPENDIX
– LINKS
Learning phase
✓✓ Becker Professional Education
– pages 15 and 16
✓✓ BPP Learning Media – pages 17 and 18
Tick the box Quiz/Test in the control
sheet once you have:
✓✓ Attempted the quiz at the end of the
chapter (if you are using Becker or BPP
material) or the test your understanding
questions throughout the chapter
(if you are using Kaplan material)
✓✓ Kaplan Publishing – page 19
✓✓ Attempted the questions referred to in the
question bank – some of these you should
do in full but others you can just draw up
a plan for, depending on the time you
have available
✓✓ Compared your answer, or plan, with the
solution given and understood where you
did well or not so well and why
✓✓ Worked through and understood
examples and illustrations of
concepts given
Tick the box ACCA related resources
in the control sheet once you have:
✓✓ Read / viewed the related ACCA
article(s) / video(s) signposted
APPENDIX
– LINKS
✓✓ Note that ACCA produces new articles
and videos throughout the year and so you
should always check the technical articles
page on the website to ensure you have
seen all of the related resources
THE EXAM
✓✓ Noted any additional commentary
and exam focus tips provided
FINAL
PREPARATION
✓✓ Actively read and understood each
chapter‘s content
Tick the box Questions in the control
sheet once you have:
REVISION
PHASE
Tick the box Content in the control
sheet once you have:
✓✓ Read through the introduction
to the chapter
13
LEARNING
PHASE
Students who use
ACCA’s learning
support resources
achieve higher
exam scores than
those who don’t.
Use the control sheet relevant to
the Approved Content Provider‘s
materials you have purchased:
GETTING
STARTED
Learning phase – Get the most out of your control sheet
GETTING
STARTED
Learning phase – Tips for success
✓✓ Make sure you use the ACCA
resources signposted to help
your understanding – these
give you real insight to help
you in your exam.
✓✓ If you find you are not
covering all of the material
in each study period, build
some extra time into your
study plan – everyone works
at a different pace.
✓✓ Visit the ACCA Learning
Community regularly to view
new video content and to
join online study events.
✓✓ There are PER (Practical
Experience Requirement)
objectives associated with
specific syllabus areas and,
if possible, you should try
to gain experience in these
alongside your studying as
this will help you to put your
studies into a workplace
context and reinforce what
you have learned.
✓✓ Try to read a good
quality business journal or
newspaper regularly and
use this to help bring your
studies to life by linking
your learning into what
you are reading.
THE EXAM
✓✓ Consider using the
additional resources
provided by the Approved
Content Providers including
for example passcards
or pocket notes to help
you remember the key
knowledge areas.
✓✓ If you are taking your exam
on computer make sure
you practise at least some
of the questions using the
constructed workspace.
✓✓ Keep an eye on Student
Accountant for any
relevant articles.
FINAL
PREPARATION
✓✓ Scan headings before going
into the detail to give you
an idea of the content first
and consider highlighting,
underlining, making notes,
drawing pictures or mind
maps – whatever helps you
to remember.
✓✓ Always work through the
questions signposted – it
is vital that you practise
questions throughout the
learning phase as this will
ensure that you are applying
the knowledge you learn as
you progress.
REVISION
PHASE
✓✓ Actively read the material –
ask yourself ‘do I understand
this?‘ If not re-read and
re‑work examples – if you
still struggle, make a note
and come back to it during
the revision phase.
LEARNING
PHASE
Tips for success
APPENDIX
– LINKS
14
Chapter
Content
Quiz/Test
Questions ACCA related resources
9
Internal control
10
11
12
13
14
Audit materiality
Fraud, law and regulations
Tests of control
Communication on internal control
Service organisations
15
Analytical procedures
Accounting estimates
Using the work of an expert
Audit sampling
• Audit procedures
• Auditing in a computer-based environment
• Examining evidence
• Study support video – audit evidence
• The audit of financial statement assertions
• Analytical procedures
• Audit sampling
When watching the study support videos, focus at this stage on the technical aspects – you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.
APPENDIX
– LINKS
16
17
18
19
• ISA 240 (redrafted) – auditors and fraud
• The audit of wages
THE EXAM
15 Audit evidence
• The control environment of a company
• Audit risk
• ISA 330 and responses to assessed risks
• Study support video – audit risk
• Exam technique article – answering audit risk questions
• ISA 315 (Revised) Identifying and assessing the risks of material
misstatement through understanding the entity and its environment
• Study support video – Internal controls (part 1)
• Study support video – Internal controls (part 2)
FINAL
PREPARATION
Understanding the entity
• Audit working papers
REVISION
PHASE
8
• Laws and Regulations
LEARNING
PHASE
✓✓ tick the boxes below when complete
Introduction
1 Audit and other assurance engagements
2 External audit
3 Corporate governance
4 Professional codes of ethics and conduct
5 Audit appointment
6 Documentation
7 Audit planning
GETTING
STARTED
Learning phase – Control sheet for Becker Professional Education
Chapter
Content
Quiz/Test
Questions ACCA related resources
30 The auditor‘s report on financial statements
• Using the work of internal auditors
FINAL
PREPARATION
31 Going concern
32 Internal audit
33 Using the work of internal auditors
• Subsequent events
• A matter of opinion
• The new auditor's report
• Going concern
REVISION
PHASE
Written representations
Computer-assisted audit techniques
Non-current assets
Inventory
External confirmations, receivables and sales
Share capital, reserves and director‘s remuneration
Loans, bank and cash
Liabilities, provisions and contingencies
Small business and not-for-profit organisations
Audit finalisation
LEARNING
PHASE
✓✓ tick the boxes below when complete
20
21
22
23
24
25
26
27
28
29
GETTING
STARTED
Learning phase – Control sheet for Becker Professional Education (continued)
THE EXAM
When watching the study support videos, focus at this stage on the technical aspects – you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.
APPENDIX
– LINKS
16
Chapter
Content
Quiz/Test
Questions ACCA related resources
Audit planning and documentation
8
Introduction to audit evidence
9
Internal control
When watching the study support videos, focus at this stage on the technical aspects – you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.
APPENDIX
– LINKS
17
THE EXAM
10 Tests of controls
FINAL
PREPARATION
7
REVISION
PHASE
Risk assessment
• Audit risk
• ISA 330 and responses to assessed risks
• ISA 315 (Revised) Identifying and assessing the risks of material
misstatement through understanding the entity and its environment
• ISA 240 (redrafted) – auditors and fraud
• Study support video – audit risk
• Exam technique article – answering audit risk questions
• Laws and regulations
• Audit working papers
• Audit procedures
• Examining evidence
• Study support video – audit evidence
• The audit of financial statement assertions
• ISA 315 (Revised) Identifying and assessing the risks of material
misstatement through understanding the entity and its environment
• The control environment of a company
• Auditing in a computer-based environment
• Study support video – Internal controls (part 1)
• Study support video – Internal controls (part 2)
• The audit of wages
LEARNING
PHASE
✓✓ tick the boxes below when complete
Introduction
1 Audit and assurance engagements
2 Statutory audit and regulation
3 Corporate governance
4 Professional ethics and quality control procedures
5 Internal audit
6
GETTING
STARTED
Learning phase – Control sheet for BPP Learning Media
Chapter
Content
Quiz/Test
Questions ACCA related resources
Non-current assets
Inventory
Receivables
Cash and bank
Liabilities, capital and directors‘ emoluments
17 Not-for-profit organisations
18 Audit review and finalisation
FINAL
PREPARATION
19 Reports
• Not-for-profit organisations – part 1
• Not-for-profit organisations – part 2
• Going concern
• Subsequent events
• A matter of opinion
• The new auditor's report
REVISION
PHASE
12
13
14
15
16
• Audit sampling
• Auditing in a computer-based environment
• Using the work of internal auditors
• Analytical procedures
• Study support video – audit evidence
LEARNING
PHASE
✓✓ tick the boxes below when complete
11 Audit procedures and sampling
GETTING
STARTED
Learning phase – Control sheet for BPP Learning Media (continued)
THE EXAM
When watching the study support videos, focus at this stage on the technical aspects – you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.
APPENDIX
– LINKS
18
Chapter
Content
Quiz/Test
Questions ACCA related resources
Planning
6
Evidence
7
Systems and control
8
Procedures
9
Completion and review
10 Reporting
11
12
13
14
• Using the work of internal auditors
When watching the study support videos, focus at this stage on the technical aspects – you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.
APPENDIX
– LINKS
19
Corporate governance
Internal audit
Summary of key ISAs
Summary of IFRSs
THE EXAM
5
• Audit risk
• Study support video – audit risk
• Exam technique article – answering audit risk questions
• ISA 240 (redrafted) – auditors and fraud
• Audit working papers
• ISA 330 and responses to assessed risks
• Examining evidence
• Audit sampling
• Study support video – audit evidence
• ISA 315 (Revised) Identifying and assessing the risks of material
misstatement through understanding the entity and its environment
• The control environment of a company
• Study support video – Internal controls (part 1)
• Study support video – Internal controls (part 2)
• The audit of financial statement assertions
• Audit procedures
• Auditing in a computer-based environment
• Analytical procedures
• The audit of wages
• Study support video – audit evidence
• Going concern
• Subsequent events
• A matter of opinion
• The new auditor's report
FINAL
PREPARATION
Risk
REVISION
PHASE
4
• Laws and Regulations
LEARNING
PHASE
✓✓ tick the boxes below when complete
Introduction
1 Introduction to assurance
2 Rules and regulation
3 Ethics and acceptance
GETTING
STARTED
Learning phase – Control sheet for Kaplan Publishing
GETTING
STARTED
Revisit areas you struggled
with during the learning phase
Make sure you are able to apply
that knowledge in questions
REVISION
PHASE
Ensure you are confident with
the knowledge needed to pass
the exam
LEARNING
PHASE
Your checklist
FINAL
PREPARATION
THE EXAM
APPENDIX
– LINKS
Revision phase
GETTING
STARTED
Revision phase – Question practice
✓✓ It is really important that
you do some questions in
full, to exam time – time
management is often an
issue and the more you
prepare yourself the
better you will perform
in the exam.
✓✓ To keep motivation high,
break some questions into
individual parts, write plans
or notes for some parts
and do others in full.
✓✓ Try not to look at the
answers before really
attempting the question
– you won‘t be able to
do this in the real exam!
✓✓ Don‘t forget to review the
marking guide too – you
need to understand how
marks are allocated to
ensure you know how
to maximise your marks.
✓✓ Make sure you check the
website regularly for new
resources – there may be
new technical articles as
well as new CBE resources
added since you last looked.
APPENDIX
– LINKS
21
✓✓ Don‘t be afraid to attempt
questions you have already
done – especially the
ones you found tricky
first time round.
✓✓ Work through the answers
carefully – pay attention to
areas you got wrong and
understand where you went
wrong – it is better to do
a few questions well, than
lots of questions badly.
THE EXAM
If you are taking your exam on computer
make sure you also work through the F8
extra constructed response questions
giving you a great opportunity to make
sure you are comfortable with the
functionality of these exams
✓✓ Consider blocking time in
your study plan for specific
questions or mock exams
to ensure you cover
everything.
FINAL
PREPARATION
Work through the specimen exam (either
CBE or paper based, whichever is relevant
for you) – this will provide you with a clear
picture of what the exam will look like
making sure you know what to expect
on the day
Tips for success
REVISION
PHASE
ork through as many questions as
W
possible and all mock exams included in
the Approved Content Provider question
and answer banks – remember these are
best for question practice as they include
past exam questions updated for syllabus
and format changes. Don’t forget to
practise some of these questions using
the constructed response workspace
if you are taking a CBE
LEARNING
PHASE
Exam-standard question practice is vital now
GETTING
STARTED
Revision phase – Key resources
Students who use specimen
resources are more likely to
pass than those who don’t.
REVISION
PHASE
Remind yourself of areas that students often struggle with
and obtain tips on how to ensure you do not make the same
mistakes by reviewing the examiner‘s reports from the last four
sittings again, this time working through the F8 – A guide to
using the examiner‘s reports
View the study support videos referred to in your control sheet
again – this time focusing on the exam technique aspects.
✓✓ Don’t give up easily – if you
really cannot understand something
then consider posting a question
on the ACCA Learning Community
– if you found it difficult so will
have others.
THE EXAM
Make sure you read the study skills articles in Student
Accountant covering topics such as how to overcome exam
anxiety as well as checking the Student Accountant Hub
for any new technical articles related to F8
Tips for success
FINAL
PREPARATION
View the study support videos – Bringing an F8 exam question
to life and Exam techniques and last minute tips to gain further
insight into passing your exam
Read the exam technique articles – Multiple-choice questions,
Audit and assurance assistance and Ready to sit F8? again –
this time using the techniques to help you practise questions
LEARNING
PHASE
Review the examining team‘s guidance again in the context
of what you have learnt
APPENDIX
– LINKS
22
Comments on
section C:
FINAL
PREPARATION
Students who use 5 minutes
with the examining team
videos are more likely to
pass than those who don’t.
REVISION
PHASE
Candidates were able to identify the internal control deficiencies
from the scenario, however many candidates did not clearly
explain the implication of the deficiency. In order to gain the
½ explanation mark for the deficiency, candidates must fully
explain the impact on the business. Often the explanation of
the deficiency was too vague. For example, the implication
of there being no individual logons being described as ‘could
lead to fraud’ was not awarded any credit. Candidates needed
to explain the implication for the business that ‘they would not
be able to determine who was in charge of the till if a discrepancy
arose’. The scenario contained a significant number of issues,
and it was pleasing to note that most candidates were able to
identify the required number of issues.
Students who use
examiners’ reports are
more likely to pass than
those who don’t.
LEARNING
PHASE
§
GETTING
STARTED
Revision phase – What the examiner has said about F8
(extract from the December 2016 examiner’s report)
THE EXAM
APPENDIX
– LINKS
23
GETTING
STARTED
You are clear on the knowledge
you need to pass the exam
as well as how to apply that
knowledge
the exam format
FINAL
PREPARATION
Ensure you are
familiar with:
REVISION
PHASE
You have the skills you need
to pass the exam – eg time
management
LEARNING
PHASE
Your checklist
the style of questions
what specific syllabus areas
are likely to be tested and
in which questions
24
APPENDIX
– LINKS
Final preparation
THE EXAM
the way the marks are allocated
GETTING
STARTED
Final preparation – Tips for success
§
An extract from the syllabus and study guide for F8:
Tips for success
✓✓ Go over questions again that you
found difficult during the revision
phase and make sure you attempt
at least one mock again in full
to time.
APPENDIX
– LINKS
✓✓ If you are not sure about how the
marks are allocated review the
specimen exam again.
THE EXAM
✓✓ If you are unsure about the exam
format, the style of questions or
what specific syllabus areas are likely
to be tested in which questions, read
the syllabus and study guide again.
FINAL
PREPARATION
An extract from the F8 specimen exam marking guide:
Question 16
Maximum marks
(b)
Audit risks and responses (only 7 risks required)
$5 million expenditure on production process
2
Inventory counts at 15 warehouses at year end
2
Treatment of owned v third party warehouses
2
New general ledger system introduced at the beginning of the year
2
Release of opening provision for allowance for receivables
2
Research and development expenditure
2
Damaged inventory
2
Sales returns
2
Management bonus based on asset values
2
Max 7 issues, 2 marks each
14
25
REVISION
PHASE
§
Students who use
specimen resources are
more likely to pass than
those who don’t.
LEARNING
PHASE
The Audit and Assurance syllabus is essentially divided into five areas. The syllabus
starts with the nature, purpose and scope of assurance engagements both internal
and external, including the statutory audit, its regulatory environment, and
introduces governance and professional ethics relating to audit and assurance.
It then leads into planning the audit and performing risk assessment. The syllabus
then covers a range of areas relating to an audit of financial statements including
the scope of internal control. These include, evaluating internal controls, audit
evidence, and a review of the financial statements. In addition to final review
procedures, the final section concentrates on reporting, including the form
and content of the independent auditor’s report.
GETTING
STARTED
Make sure you are ready
to walk into your exam
REVISION
PHASE
THE EXAM
26
APPENDIX
– LINKS
The exam
FINAL
PREPARATION

LEARNING
PHASE
Your checklist
GETTING
STARTED
The Exam – Tips for success
✓✓ Identify where the
exam hall is.
✓✓ Have in place a back-up
plan in case of traffic
problems or public
transport delays.
✓✓ Sleep properly – do not
spend the night before
doing last minute late
night revision – you will
perform so much better
if you are alert and
well rested (and in
any case, last minute
revision will only cause
you to panic!).
Once the exam is over:
✓✓ Relax.
✓✓ Don’t over
analyse – you
cannot change
anything now!
APPENDIX
– LINKS
27
✓✓ Eat properly before you
leave for the exam.
✓✓ If you are taking a
session based CBE then
take a few minutes to
watch the Prepare for
your upcoming session
CBE video for some
last minute tips and
information about
these exams.
THE EXAM
Good
Luck!
✓✓ Don’t forget to take
your exam docket with
you as well as your
student identification.
✓✓ Try not to get into
discussions with fellow
students just before the
exam about what might
come up – again this will
only cause you stress.
FINAL
PREPARATION
✓✓ Plan your route to the
exam hall, considering
the time of day you will
be travelling and any
potential issues.
✓✓ Ensure you have all the
equipment you need for
the exam (black pens,
calculator etc).
REVISION
PHASE
Very few students enjoy
taking exams but there
are things you can do
to make the experience
less stressful!
LEARNING
PHASE
Tips for success
GETTING
STARTED
LEARNING
PHASE
REVISION
PHASE
FINAL
PREPARATION
THE EXAM
APPENDIX
– LINKS
Appendix – Links
GETTING
STARTED
Appendix – Links
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/exams/enter-an-exam.html
04
Exam planner tool
http://www.accaglobal.com/gb/en/student/exam-entry-and-administration/enter-an-exam/exam-planner.html
04
Exam resource finder
http://www.accaglobal.com/gb/en/student/exam-support-resources.html
04
Student section
http://www.accaglobal.com/gb/en/student.html
04
BPP English Language
support for ACCA
http://www.accaglobal.com/gb/en/student/exam-support-resources/bpp-english-language-course.html
04, 08
Approved Learning Provider(s)
http://www.accaglobal.com/gb/en/student/your-study-options/learning-providers.html
04, 14
Student Accountant
http://www.accaglobal.com/gb/en/employer/supporting-trainees/sa-direct.html
04, 14, 21
Approved Content Provider(s)
http://www.accaglobal.com/gb/en/student/your-study-options/alp-content.html
04, 14, 22
ACCA Learning Community
https://learningcommunity.accaglobal.com
05
Sessions CBEs
http://www.accaglobal.com/gb/en/student/exam-entry-and-administration/computer-based-exams/session-cbes.html
06
Session CBEs – dedicated page
http://www.accaglobal.com/gb/en/student/exam-entry-and-administration/computer-based-exams/session-cbes/where-you-can-take-session-cbes.html
06, 10
Session CBEs – resources
http://www.accaglobal.com/gb/en/student/exam-entry-and-administration/computer-based-exams/session-cbes/learning-support-for-session-cbes.html
10
Examinable documents
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/examinable-documents.html
10, 21, 25
Specimen exam
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/specimen-exams.html
10, 22
Exam technique article
– Ready to sit F8?
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles.html
10, 22
Examining team‘s guidance
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/examiners-reports.html
10, 22
Examiner‘s reports
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/examiners-reports.html
10, 22
F8 – A guide to using the
examiner‘s reports
http://www.accaglobal.com/content/dam/ACCA_Global/Learning%20Providers/exam-reflection/reflections-1st-F8-audit-and-assurance-form.pdf
10, 22
Exam technique article
– Multiple choice questions
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f4/technical-articles/mcq-dec14.html
10, 22
Exam technique article
– Audit and assurance assistance
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles.html
29
APPENDIX
– LINKS
Enter for your exam
THE EXAM
04
FINAL
PREPARATION
URL
REVISION
PHASE
Link
LEARNING
PHASE
Page No.
GETTING
STARTED
Appendix – Links
Link
URL
10, 25
Syllabus and study guide
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/syllabus-study-guide.html
13, 21
Technical articles
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles.html
14, 21
Constructed response workspace
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/specimen-exams.html
14
15, 17, 19
http://www.accaglobal.com/gb/en/student/practical-experience/performance-objectives.html
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/assertions.html
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/the-audit-of-wages.
html
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/the-controlenvironment-of-a-company.html
The audit of wages
15, 17, 19
The control environment
of a company
15, 17, 19
ISA 315 (revised) Identifying
and assessing the risks of
material misstatement through
understanding the entity and
its environment
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/isa-315.html
15, 17, 19
Audit procedures
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/audit-procedures.html
15, 17, 19
Audit risk
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/p7/technical-articles/audit-risk.html
15, 17, 19
ISA 330 and responses
to assessed risks
15, 17, 19
Audit working papers
15, 17, 19
Examining evidence
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/ISA330-responsesassessed-risks.html
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/effective-audit-service.
html
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/p7/technical-articles/examining-evidence.
html
15, 17, 19
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles.html
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles.html
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/audit-risk0.html
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/laws-andregulations.html
APPENDIX
– LINKS
30
Laws and Regulations
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/isa-240.html
THE EXAM
ISA 240 (redrafted)
– auditors and fraud
Study support video
15, 17, 18, 19
– audit evidence
Study support video
15, 17, 19
– audit risk
Exam technique article
15, 17, 19
– Answering audit risk questions
15, 17, 19
FINAL
PREPARATION
15, 17, 19
REVISION
PHASE
PER (Practical Experience
Requirement) objectives
The audit of financial
statement assertions
LEARNING
PHASE
Page No.
GETTING
STARTED
Appendix – Links
Link
URL
15, 17, 19
Study support video
– Internal controls (part 1)
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles.html
15, 17, 19
Study support video
– Internal controls (part 2)
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles.html
Audit sampling
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/audit-sampling.html
15, 18, 19
Analytical procedures
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/p7/technical-articles/analytical-procedures.
html
16, 18, 19
Using the work of internal auditors
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/internal-auditors.html
16, 18, 19
Going concern
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/going-concern.html
16, 18, 19
Subsequent events
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/subsequent-events.
html
16, 18, 19
A matter of opinion
http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f8/technical-articles/matter-of-opinion.html
16, 18, 19
The or's report
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/auditor-report.html
18
Not-for-profit organisations – part 1
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f5/technical-articles/NFP-organisations.
html
18
Not-for-profit organisations – part 2
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f5/technical-articles/NFP-org-pt2.html
21
F8 extra constructed
response questions
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/specimen-exams.html
21
CBE resources
http://www.accaglobal.com/gb/en/student/exam-entry-and-administration/computer-based-exams/session-cbes/learning-support-for-sessioncbes.html
22
Student Accountant Hub
http://www.accaglobal.com/gb/en/student/sa.html
22
22
22
31
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles.html
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles.html
http://www.accaglobal.com/gb/en/student/sa/study-skills.html
http://www.accaglobal.com/gb/en/student/exam-entry-and-administration/computer-based-exams/session-cbes/learning-support-for-sessioncbes.html
APPENDIX
– LINKS
27
Study support video – Bringing
an F8 exam question to life
Study support video – Exam
techniques and last minute tips
Study skills articles in
Student Accountant
Prepare for your upcoming
session CBE video
THE EXAM
15, 18, 19
FINAL
PREPARATION
http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/auditing-computerenvironment.html
REVISION
PHASE
15, 17, 18, 19 Auditing in a computer-based
environment
LEARNING
PHASE
Page No.
F8 – April 2017 update
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